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3 EDUCATIONAL SESSION CURRICULUM VITAE Kolja von Bismarck Clifford Chance Frankfurt am Main, Germany Kolja von Bismarck has been a partner at Clifford Chance since 1997 and heads the German Restructuring & Insolvency Group. He was admitted to the Bar in 1989 and spent two years as a management consultant with a leading strategic consultant in Germany, focusing on turnaround situations. His practice focuses on Financial Restructuring and Insolvency with a cross-border element. He is consistently advising either creditors or debtors on in- and out-of-court restructuring issues. Kolja is a member of the insolvency committee of the German Bar Association (Insolvenzrechts-Ausschuss des Deutschen Anwaltsvereins), a regular speaker on national and international conferences focusing on cross-border workout issues and member of a panel of experts advising the German government on insolvency law reforms. He is consistently rated as one of the leading individuals in his field of practice. Recent relevant experience includes advising: Several leading automobile manufacturers (OEMs) against the background of the crisis of core suppliers a leading Hollywood-Studio on issues arising from the insolvency of KirchMedia a leading Energy Supplier on issues arising from the insolvency of the Babcock Group a group of lenders on the debt-restructuring of Primacom AG a leading financial investor on the acquisition and the subsequent sale of a distressed German retail Group a leading Japanese manufacturer of consumer electronics on the winding-down of its German operations leading German insolvency administrators on questions of corporate law in insolvency proceedings and cross-border issues as well as acting as arbitrator in insolvency-related arbitration proceedings. Kolja von Bismarck é um parceiro do Clifford Chance desde 1997 e é chefe do nosso Grupo Alemão de Reestruturação e Insolvência. Ele foi admitido no exame da ordem em 1989 e passou dois anos como consultor gestor dando consultoria estratégica na Alemanha, com o foco em situações de recuperação de empresas. Sua prtica tem ênfase em Insolvência e Reestruturação Financeira com um elemento internacional. Ele presta assessoria tanto a credores como a devedores em casos de reestruturação em juízo ou fora dele. Kolja é membro do comitê da Ordem de Advogados da Alemanha (Insolvenzrechts-Ausschuss des Deutschen Anwaltsvereins), palestra com freqüência em conferências nacionais e internacionais, concentrando-se em trabalhos de negociação entre países. Ele é membro de um painel de especialistas que presta assessoria ao governo alemão para reformas na lei de insolvência. Com freqüência, é classificado como um dos principais profissionais em sua área de atuação. Dentre as experiências mais recentes em assessoria incluem-se: Várias empresas líderes do ramo automobilístico, no contexto da crise dos principais fornecedores Um importante estúdio de Hollywood, em questões relacionadas à insolvência da KirchMedia Um reconhecido Fornecedor de Energia, em questões relacionadas à insolvência do Grupo Babcock Um grupo de credores da reestruturação da dívida de Primacom AG Um investidor financeiro de liderança no Mercado, na aquisição e subseqüente venda de um grupo alemão de varejo desvalorizado. Um importante fabricante de eletrônicos japonês, na ocasião do encerramento das operações na Alemanha. Reconhecidos administradores de insolvência alemães, em questões relacionadas ao direito corporativo, em processos de insolvência e questões internacionais. Ele também atua como árbitro em processos de arbitragem relacionados a insolvência.

4 EDUCATIONAL SESSION Luis de Lucio Alvarez & Marsal São Paolo, Brazil Luis de Lucio, a Managing Director with Alvarez & Marsal Latin America, brings more than 18 years of experience to the firm. He specializes in business evaluations, business plan development and financial strategies for corporate restructurings, turnarounds and mergers and acquisitions. Mr. de Lucio has advised shareholders and lenders in all major Latin American markets across various industry sectors, including infrastructure, transportation, hospitality, telecommunications, technology, financial services, healthcare, manufacturing and consumer products. Most recently, he served as the senior advisor to Brazilian airline Varig in the country's first major corporate restructuring under a new Corporate Recovery Law. He has been involved in numerous restructuring cases such as Parmalat Latin America, Light (utility), AT&T Latin America, a major textile operation in Mexico, a major tannery in Brazil, and the largest airport in Central America. Prior to joining A&M, Mr. de Lucio served as a senior advisor with Darby Overseas Investments Ltd., a venture capital and private equity private investment firm with interests in Latin America. Mr. de Lucio was also a senior member of Ernst & Young's Corporate Finance Group, based in both the U.S. and Latin America, where he oversaw the firm's Corporate Finance practice from Sao Paulo, Brazil. Mr. de Lucio began his career and spent five years as a commercial banker at a predecessor of Bank of America in the U.S. Mr. de Lucio earned a bachelor's degree in economics from the University of Maryland, and holds a master's degree in business administration from the American University in Washington, D.C. Mr. de Lucio speaks fluent English, Spanish and Portuguese. Luis de Lucio, é um Managing Director da Alvarez & Marsal, com mais de 20 anos de experiência assessorando credores e investidores na região. Sua experiência inclui reestruturações financeiras e operacionais no Brasil e nos principais países da América Latina. Sua experiência na A&M inclui a reestruturação da Varig, assessoria ao Conselho de Administração da Usaciga, estratégia de reestruturação de uma das empresas líder na produção de couro no Brasil, Aeroporto Internacional de San Jose (Assessor ao Credor), líder no setor têxtil no México, Parmalat (Brasil, Argentina e Chile), AT&T Latin America e Light. Sr. De Lucio assessorou acionistas e credores nos principais mercados latino-americanos em várias indústrias, incluindo infra-estrutura, transportes, hospitais, telecomunicações, tecnologia, serviços financeiros, healthcare, e bens de consumo. Antes de ingressar na Alvarez & Marsal, Sr. De Lucio era um consultor de reestruturação e assessor de negócios para a Darby Overseas; era um membro do grupo de Corporate Finance da Ernst & Young nos EUA e na América Latina; começou a carreira como um banqueiro numa instituição absorvida pelo Bank of America. Sr. de Lucio é formado em Economia pela University of Maryland, e possui um MBA pela American University in Washington DC. Luis de Lucio fala fluentemente inglês, espanhol e português.

5 EDUCATIONAL SESSION Salvatore Milanese KPMG Corporate Finance São Paulo, Brazil Partner, Restructuring Practice, Brazil - Leader of the practice of restructuring and recovery of companies of KPMG in Brazil - Leader of the practice of NPLs (transactions involving defaulted credit portfolio) of KPMG in Brazil Qualifications: Degree in Finance from the Università Degli Studi di Messina Italy (1997), with MBA in Finance from CUOA Italy (1999). Post-Graduate Degree in Administration Budget and Control in Industries and Banks from the Università Commerciale Luigi Bocconi Italy (2000). Accredited from KPMG as executive of restructuring and recovery of companies, attending formal courses on Financial and Operational Restructuring and Cash and Crises Management from KPMG and other institutions (INSOL and ABI) in Brazil and abroad. Salvatore also attends various lectures and seminars on restructuring and recovery of companies, organized by the Brazilian Institute of Management and Turnaround (IBGT), of which he is a member of the executive committee, and organized by several other organizations in Brazil and abroad (INSOL, ABI etc.). Experience: Before KPMG, Salvatore worked at Bayerische Private Bankers, as credit analyst, with the team of Emerging Markets, and at Duff & Phelps Credit Rating Co., as rating analyst. He also worked at Banca Commerciale Italiana (currently Intesa Sanpaolo), participating in various projects of restructuring and acquisition in the European Union, in East Europe and Latin America. Since May 2002 he has been working full time in the Restructuring department at KPMG in Brazil, leading various financial and operational restructuring processes, crisis management processes to cash management in a financial crisis situation, planning and implementation of turnarounds, restructuring processes in judicial and extrajudicial recovery procedures, renegotiation of debts for the management of communication processes with financial/operational creditors and unions, fund raising and sale of assets. Salvatore has also been leading transactions and operations involving non-performing loan portfolios (NPLs), and KPMG is one of the market leaders in this practice in Brazil. Specialization Sector: Banks, insurance companies, food and beverage, IT, air transport, construction, retail and collection services.

9 INSOL International Rio de Janeiro One Day Seminar Bankruptcy Financing in the United States and Abroad James H.M. Sprayregen, P.C. Kirkland & Ellis LLP Discussion Outline Overview of Bankruptcy Financing in the United States Impacts of the Global Credit Crisis on Bankruptcy Financing in the United States Current Lending Landscape in U.S. Brief Survey of Foreign Insolvency Laws and Approach to Bankruptcy Financing Conclusions and 2009 Outlook Questions and Additional Information Brief Overview of U.S. Bankruptcy Law and Debtor-in-Possession Financing 1

10 U.S. Bankruptcy Basics Fundamental goal of U.S. bankruptcy laws is to give debtors a fresh start Bankruptcy Code provides for 6 types of bankruptcy cases traditionally given the names of the chapters that describe them Today s discussion focuses on chapter 11 bankruptcy cases (reorganization cases) Brief Overview of Chapter 11 Chapter 11 refers to chapter 11 of title 11 of the United States Code title 11 is generally referred to as the Bankruptcy Code Chapter 11 is a court supervised restructuring of a company s business and financial obligations permits management to remain in control or in possession of the company s property and business operations the debtor will typically act as his own trustee, called a debtor in possession, and will remain in possession of all estate property Life Cycle of a Distressed Business 2

11 Bankruptcy Financing Generally Debtor-in-possession ( DIP ) financing is the lifeblood that keeps companies running during the bankruptcy case available only to companies in chapter 11 proceeds generally used to fund post-filing obligations and ongoing operating needs also allows companies to put off existing debts while attempting to raise capital and restructure business operations Although DIP financing is pricier and more constrained than traditional commercial financing, it is valued for its availability to limping companies DIP Financing Structures DIP Lending: The Good Old Days DIP lending historically seen as an attractive investment: good position in capital structure superpriority claim status DIP loan either paid in cash upon exit or rolled-up into exit financing facility Traditionally, primary lenders provided DIP financing to protect original loan value Competition often led to reverse bidding war with lower rates (e.g. LIBOR plus 250 bps) and longer terms (e.g months) 3

12 The Global Credit Crisis and Impact on U.S. Markets and Bankruptcy Financing Enter the Global Credit Crisis Financial markets and institutions are facing unprecedented structural change began as systematic liquidity crisis in financial sector deteriorated into global crisis of market confidence regarding ability of large financial institutions to meet obligations and remain solvent The Road to Recession Wall Street: bursting housing bubble helped burst credit bubble,which froze global debt markets banks stuck with large soured mortgage portfolios and highly-leveraged loans battered by multi-billion dollar write-downs and plummeting stock prices, banks cut back on lending in effort to shore up cash reserves Main Street: eventually, effects of credit crisis spilled over from Wall Street into Main Street companies that relied heavily on short-term loans found themselves (1) with severe liquidity issues and (2) unable to meet working capital needs 4

13 Impact on U.S. Financial Markets Its official: the U.S. has been in a recession since December 2007 credit crisis exacerbated by economic downturn growth slowed across virtually all industries Implosion of several financial institutions: Lehman, Bear Sterns, Washington Mutual, AIG U.S. Government Intervention capital injection met with mixed results efforts do not seem to have fundamentally strengthened precarious financial system immediate economic relief is not in sight involvement in U.S. automobile industry seems inevitable but level of bail-out is unknown Effect on U.S. Bankruptcy System Surge in commercial filings: February 2009 filings up 47% from 2008 levels Closure of DIP market over past year due to: severely constricted credit markets plummeting asset values lack of liquidity in the market heightened risk of reorganization failure retreat of nervous lenders Increased filings + limited DIP financing= overly-complicated bankruptcy cases and more companies abandoning rehabilitation in favor of sale process (best case) or fire sale liquidation under a chapter 7 Reorganizing in Tough Markets Lenders generally more cautious about extending credit amidst financial turmoil Today s marketplace also is more complicated now than 10 years ago complex deal structures due to increase in # lenders investing throughout capital structure covenant light second lien loan complications amount of distressed debt on balance sheets makes it harder for any one firm to end up with real control upon emergence 5

15 Survey of Foreign Insolvency Laws Country Australia China Terms and/or Security Interest Country Liquidation. A liquidator can obtain secured and unsecured credit as far as is necessary for the beneficial disposal or winding-up of the company. Administration. An administrator is able to raise loans on security over company assets to carry on the business of the company. Bankruptcy administrator may borrow and give security over debtor s assets, subject to supervision by creditors committee and court. Priority Priority over ordinary unsecured creditors but only in respect of the new funds and to the value of the security. Priority given to this credit, as an expense of the administration, ranks higher than ordinary unsecured creditors. There is no stipulation for special priority for those claims. England France Hong Kong Japan Russia Liquidation. A liquidator has the power to raise any money required on secured and unsecured basis. Administration. An administrator has the power to raise or borrow money on secured and unsecured basis. A debtor may obtain secured or unsecured loans or credit. Liquidation. A liquidator in a winding-up by the court has the power to raise any money required on secured and unsecured basis, subject to the control of the court Reorganization. Currently there is no arrangement whereby loans made during a reorganization would be repaid in priority to other lenders. Liquidation. A trustee in bankruptcy may borrow money on behalf of the debtor only if it is necessary for the preservation and management of the debtor s assets. Reorganization. A debtor or an administrator can borrow money or provide security to a creditor to continue the debtor s business, subject to court approval. Insolvent companies may obtain loans or credits at any stage of bankruptcy proceedings on secured and unsecured basis, subject to the consent of the bankruptcy manager or the creditors committee. Priority over ordinary unsecured creditors as an expense of the liquidation but only in respect of the new funds. Priority over ordinary unsecured creditors as an expense of the administration but only in respect of the new funds. The priority given to such loan or credit depends on whether a liquidation or a reorganization, through a sale or a continuation plan, is ordered by the court. Generally, creditors who extend post-filing credit are granted preferential rights over pre-filing creditors (with certain employee-related exceptions) subordinate to court and other administrative costs. The loans obtained after commencement of a winding-up do not per se enjoy super priority over other debts of the company. Proposed reorganization legislation, however, would allow for the creation of super-priority debt. Not clear. Priority over general unsecured claims. Any claims which arise from such loans or credits outrank all other claims. Conclusions and Questions A Brave New Illiquid World New issue markets remain challenging for the majority of companies Minimal third-party financing has been available for companies seeking to recapitalize, gain access to incremental liquidity or refinance pending maturities Increasing liquidity challenges and degenerating economic outlook has amplified need for DIP financing 7

16 Outlook for 2009 Like the latter part of 2008, 2009 is expected to be a challenging year unemployment levels continue to rise financial institutions are deleveraging credit markets remain tight starting to see collapse of industries Does not mean no upside: for survivors of 2008 financial hurricane, 2009 could be a year of unparalleled opportunities shake-out opportunities in in certain industries distressed debt market offers interesting alternatives to traditional financing Questions & Contact Info. Contact Information James H.M. Sprayregen Kirkland & Ellis LLP Citigroup Center 153 East 53rd New York, NY Telephone: (212) Facsimile: (212)

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